Proposed Mortgage Broker Code of Conduct

silvercar

The reputation of mortgage advisors on this board can be tainted by the way this board acts differently from others on the MSE platform.

Ask on the DIY board for specific electric advice and you get it, you don't get comments like, "it is possible but you need to call in an expert". Instead you get ,"this is how you do it, but if you are unsure its safer to get help". People even get given advice on dodgy issues like disposing of asbestos!

Here you get comments like, "there are mortgage lenders who will do it but you need to see a mortgage broker to find out who". One inch down the page there is a signature saying, guess what, I am a mortgage broker. Now I appreciate that no-one is touting for business and I appreciate the enormous input that mortgage brokers add to this board, but there is an impression that your not getting any info for free because someone in their field could be earning on that advice.

jem16

whambamboo wrote:

But people *don't* trust the financial services industry. This is not an insult, it is a statement of fact, and it is intended as a CONSTRUCTIVE comment.

Some people don't trust the financial services would be a statement of fact, just in the same way some people don't trust car salesmen etc. I just feel it's wrong to tar a whole profession with the same brush.

I do agree that debate should be allowed and indeed encouraged. However some of the posts I have seen definitely give out an anti-financial services feeling. Before long there will be no debate as the professionals will have given up posting, especially if we refer to their profession as "slimey advisers".

Is that what you want?

Consumers need to know how they are being charged. Because of course it's being paid for. So why call it free advice, when such a thing is impossible?

Totally agree.

MortgageMamma

silvercar wrote:

The reputation of mortgage advisors on this board can be tainted by the way this board acts differently from others on the MSE platform.

Ask on the DIY board for specific electric advice and you get it, you don't get comments like, "it is possible but you need to call in an expert". Instead you get ,"this is how you do it, but if you are unsure its safer to get help". People even get given advice on dodgy issues like disposing of asbestos!

Here you get comments like, "there are mortgage lenders who will do it but you need to see a mortgage broker to find out who". One inch down the page there is a signature saying, guess what, I am a mortgage broker. Now I appreciate that no-one is touting for business and I appreciate the enormous input that mortgage brokers add to this board, but there is an impression that your not getting any info for free because someone in their field could be earning on that advice.

That is true, which is why I am one of the only advisers on here with the balls to name lenders. I have a disclaimer under my name, and I always encourage a forum user to take professional advice, but I will always give a lender name if asked - because I believe in freedom of choice - I think its unfair not to give a lender name, its like teasing a child in a pushchair with sweets.

I know I'm going to be jumped on by the don't name lenders brigade here, FSA blah blah blah - but I am posting in an unregulated context and I don't think that naming a lender that MAY look at a users circumstances is something that you can get in a lot of trouble for - yes DH I know what happened to you - but that was not with mortgages it was investments, a speculative product.

This is not intended to get anyones back up, its just my way of doing things

MortgageMamma

jem16 wrote:

Some people don't trust the financial services would be a statement of fact, just in the same way some people don't trust car salesmen etc. I just feel it's wrong to tar a whole profession with the same brush.

I do agree that debate should be allowed and indeed encouraged. However some of the posts I have seen definitely give out an anti-financial services feeling. Before long there will be no debate as the professionals will have given up posting, especially if we refer to their profession as "slimey advisers".

Is that what you want?



Totally agree.

I can honestly say, hand on heart, the only time I'm slimey is when I have eaten KFC.

jem16

MortgageMamma wrote:

I can honestly say, hand on heart, the only time I'm slimey is when I have eaten KFC.

Ah some humour - much better.

:rotfl: :rotfl: :rotfl:

MortgageMamma

jem16 wrote:

Ah some humour - much better.

:rotfl: :rotfl: :rotfl:

Finger lickin' good.

Better shut up now before someone comes along and has a go because of "off topic", keep saying though, I've never actually liked topics. prefer ferrero roches.

MyUserNamesTaken

Martin, I would capitalise "Mortgage Adviser Code of Conduct", as it is the name of the rules by which Mortgage Advisers agree to abide.

herbiesjp

silvercar wrote:

The reputation of mortgage advisors on this board can be tainted by the way this board acts differently from others on the MSE platform.

Ask on the DIY board for specific electric advice and you get it, you don't get comments like, "it is possible but you need to call in an expert". Instead you get ,"this is how you do it, but if you are unsure its safer to get help". People even get given advice on dodgy issues like disposing of asbestos!

Here you get comments like, "there are mortgage lenders who will do it but you need to see a mortgage broker to find out who". One inch down the page there is a signature saying, guess what, I am a mortgage broker. Now I appreciate that no-one is touting for business and I appreciate the enormous input that mortgage brokers add to this board, but there is an impression that your not getting any info for free because someone in their field could be earning on that advice.

I don't agree here - so just because a poster does not give a specific name of a lender, you would not be happy with their conribution?

A lot of times you get posters askinga "is it possible scenario" - the answers to this can be eiterh yes or no. However it is impossible to say without having made a full assessment of the clients circumstances - the open board is not an environment in which anyone should post thier full financial details.

They should talk to a specialist, either over the phone, face to face or whatever they are comfortable with.

If I was to post a lender's name, that poster could then go and apply to that lender. They could then get turned down by that lender, which will have the effect of potentially harming someones credit history (as you know nothing about their credit history) and also making that person think I've just been given some dodgy advice".

What you have to remember is the open board is not an advice forum, and from my perspective I will only give generic information.

When you are ill you do not post on a forum, asking what is the remedy to my situation and expect to be given a diagnosis and a medicine to take - you would seek advice from an expert. You defintitely would not truct any diagnosis off a forum, you may take guidance from it

Likewise I would hope that the people who are not financially savvy enough to go through a mortgage scenario would do the same thing - it could costs thousands if they get it wrong - not very money saving.

No one on here charges for what they write, so in that respect it is all free on here. Moneysaving is a concept that can be looked at from different angles, and what may be money saving to one person may be different to another based on their circumstances i.e. personal tax status and offset mortgages.

In any walk of life, someone will be earning from any decision you take, not just looking at a forum like this - taking your DIY electric example you state the same thing an adviser states but in a different way "this is how you do it but if you are unsure its safer to get help" and where would you get that help from? A qualified electrician. An adviser states go to a fee free whole of market adiver. Both the electrician and adviser would gain ultimatley.


This board is not advice, ultimately it is to enpower people and help them ask the right questions it is not a replacement for advice

MArtin's articles are quite clear on that

Don't think I've ever written a post so long :rotfl:

kenshaz

herbiesjp---- I don't agree with anything he said ,but I do agree with you .

whambamboo

jem16 wrote:

Some people don't trust the financial services would be a statement of fact, just in the same way some people don't trust car salesmen etc. I just feel it's wrong to tar a whole profession with the same brush.

I do agree that debate should be allowed and indeed encouraged. However some of the posts I have seen definitely give out an anti-financial services feeling. Before long there will be no debate as the professionals will have given up posting, especially if we refer to their profession as "slimey advisers".

Is that what you want?

.

again, I have to take issue with this. Nobody is calling a whole profession anything, whether it be all advisers slimey because *some* are called thios for being influenced by '50/50' commission arrangements', or all builders cowboys because *some* don't do a good job

there is no ban or problem with referring to bad professionals as bad on this board, whether they be advisers, police, builders or anything else. Nobody has said that alll *anything* are bad, so I'm not sure why we are still having this discussion.